🚀Good news, crypto fans! Genesis Global, the bankrupt crypto lender, is set to return a whopping $3B in cash and crypto to its creditors, thanks to a green light from U.S. Bankruptcy Judge Sean Lane.👏

- Despite objections from parent company Digital Currency Group (DCG), Judge Lane ruled that repayments won't be capped at Jan 2023 crypto prices.

- DCG, as a junior stakeholder, finds itself at the bottom of the repayment pile.

- Genesis is committed to reimbursing customers in crypto where possible, even though digital assets fall short of the total owed.

Genesis filed for bankruptcy in Jan 2023, owing over $3.5B to its top 50 creditors. After liquidation of $1.6B in assets, DCG agreed to repay $324.5M in loans by April 2024.

The plan estimates that creditors could recover up to 77%, a higher rate than if DCG had won in court. This proposal gained broad support from creditors, including Gemini Earn customers.

What are your thoughts on this? Share in the comments!👇 #CryptoNews #GenesisGlobal